Black leaves the company behind his media empire

TORONTO -- Media tycoon Conrad Black and longtime business partner David Radler have resigned as officers and directors of Ravelston Corp., the private holding company behind the troubled Hollinger media empire.

A lawyer for Ravelston told Ontario Superior Court about the resignations yesterday as the firm sought Bankruptcy Court protection from creditors.

According to an affidavit filed by Black's longtime deputy, Peter White, Ravelston Corp. and subsidiary Ravelston Management Inc. are seeking bankruptcy protection because they are insolvent and faced with ''an immediate financial crisis."

White said Ravelston has been drained of cash because it no longer receives multimillion-dollar management fees from its subsidiaries Hollinger Inc. and Chicago-based newspaper operator Hollinger International Inc.

Most of the fees were halted in 2003 after a special committee of Hollinger International directors alleged that Black and a team of executives had improperly received more than $32 million in payments.